SDG or elimination, the future trend of evolution

SDG or elimination, the future trend of evolution

The Sustainable Development Goals (SDGs), also known as the Global Goals, were born 2012 and adopted by all United Nations Member States in 2015 as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030. The SDGs target to redirect global public and private investment flows towards the challenges they represent.

With the New Economic Policy (NEP) introduced in 1970 to eliminate poverty and restructure societal imbalance, Malaysia started its journey on SDGs in the 1970s. The introduction of SDGs in 2015 completed Malaysia’s plan in promoting a better living and working environment as stated in SDGs vision. Malaysia has allocated RM20 million in Budget 2021 to SDGs trust fund in promoting SDGs program. In addition, Putrajaya has allocated RM2 billion under the Green Technology Financing Scheme which is focusing on promoting renewable energy, one of the top priorities in SDGs. Malaysia has seen huge improvement in all aspects including poverty, hunger rate, infrastructure, educational level, and responsible consumption and production and the effort is continuing.

On another hand, we may also see efforts from the private sector such as Telekom Malaysia, SYABAS, Sunway Group, YTL Group, UTAR and UTM whom incorporated SDGs as part of their expansion plan, aligned and committed to contribute to create a better, peaceful and equal future. With collaborative effort of both the public and private sector, we are educated with higher awareness on environmental preservation, public responsibilities, fairness and equality, and human rights. Besides, companies or individuals that are against or violating the SDGs policy, be it causing pollution to the clean water or promoting racism, are facing criticism and penalty from the public and law makers. 

As the economy continues to expand in every country, we should not pursue economic growth at the expense of the environment as the consequence is too pricey for every earth resident. As technologist brought us to 4th Industrial Revolution with introduction of automation and artificial intelligence (AI). The 5th Industrial Revolution is speculated to come sooner with more focus on SDG goals in heading us toward better environment.

Insights

The 5th Industrial Revolution

The 5th Industrial Revolution

While Fourth Industrial Revolution (4th IR) is expected to bring a better life and creating new economic environment, the world may force to evolve into Fifth Industrial Revolution (5th IR) due to the COVID-19 pandemic.

Many countries have been putting a lot of effort in improving industrial productivity by introducing new technologies like Internet of Things, 3D Printing, Blockchain and Distributed Ledger, Artificial Intelligence, Geo Engineering and Robotics Automation, etc. Governments are putting a hope that 4th IR will accelerate the economic growth by eliminating jobs with repetitive tasks whilst creating more productive jobs. However, the revolution is disrupted when COVID-19 is first identified in late 2019.

5th IR, on the other hand, was first discussed in 2019 and experts across the world are scrambling to define exactly what it will be. Nevertheless, 5th IR is expecting to bring back the focus to humanity. Five main focuses that frequently discusses in 5th IR are:

1. Uncaging recruiters

5th IR emphasizes the importance of human intelligence where it enables recruiters to better match profile against vacancies. 5th IR will also release human resource team from the major administrative tasks and allowing them to focus on growth of organization.

2. Puts women at the forefront

As businesses hire unbiasedly, women and girls around the world will be empowered. In fact, we may find more female leaders in nowadays business world.

3. Prevents the repetition of Engels’ pause

Since the first industrial revolution in 70s, employee wages has stagnated although productivity increased. This stagnation was called Engels’ pause. 5th IR is expected to eliminate more repetitive jobs and creating more jobs as related to curiosity, creativity, empathy, and judgment, which has the potential to prevent such stagnation.

4. Change the way we work

Employee and management will no longer required to read the pile of documents or sit through meetings to get current and accurate information. 5th IR will help companies to organize information as relevant to their position, employee and management may make most of the resources to focus on more strategic tasks.

5th IR is doubtfully a gradual process as concern in public health arose due to COVID-19 pandemic. Corporations and employees have adapted flexible working environment and working approach. Humanity solutions and technology are developing rapidly as respond to changes brought by COVID-19 pandemic.

Insights

New work approach to survive in fast-changing environment – AGILE

New work approach to survive in fast-changing environment – AGILE

COVID-19 has hit the global economic hard and economic landscape is evolving fastest-ever. Adoption of new technologies changes our life and companies are struggle to catch-up with the changes. Around the world, we see growing number of companies are embracing agility to improve business performance. We found that company may respond faster to changes and crises with application of agile.

Many companies do not understand agile and still being sceptical to its result. In nutshell, agile approach is shifting your strategy, structure, processes, people, and technology toward a new operating model by rebuilding an organization of self-steering, high performing and supported by a stable backbone. However, a company culture is the most challenging factor for a company in transformation. Although transformation toward agile is tough, but we may begin to shift working and management approach to be more agile with following steps:

 

Step 1: Setting up a clear and purposeful culture aspiration.

Culture in every company is unique and each company facing challenges associate with their culture. These challenges can be grouped under 4 general categories and each category of challenges facing by the company, should transform and resonate across the company to be practical and achievable.

Category 1, the “Play Safe” company who always trying best to avoid mistake and failure at all costs. Company should be shifting approach to do what is right and embrace trial and error method.

Category 2, the “Leader” company who only listen to leaders with highest position or loudest voice. Company should encourage more opinion from the ground level and actively seeking for opinion from different perspective.

Category 3, the “Established” company that has SOP and KPI for all processes. Rather than telling others how to get things done and relying on SOP to organize teamwork, company should trusting others that they are able to get thing done by using guideline and questions to help others to solve problem.

Category 4, the “Individualistic” company that emphasize on personal KPI performance. Staff in this company will prioritise own KPI over team performance. Management should make it a habit to make others shine and being deliberately transparent. Spending more time with staff will also help to calibrate teamwork and team objective.

 

Step 2: Make it personal

Everyone may understand change is required but the need of change is different to everyone. Making change personally meaningful to employee is important and allows different definition of agile mindset. Perception of agile is differ among frontline, middle manager, and top management, and have different implication for each. Invite everyone to share their personal opinion and experience may drive transformational momentum and energy.

 

Step 3: Engineer transformation with right culture

Even the best-designed strategy can fail if it is not supported by surrounding. Culture is an important factor to a company transformation and many transformations has failed because the impact of culture is neglected. To improve the success rate of transformation, we always encourage leader to cultivate a team with following values:

Focus: focusing on matters that brings impact to transformation and minimize involvement in tasks that are less worthy for investing resources.
Accountability: every employee owned and accountable for the processes assigned and commit to the best possible result he could generate.
Retrospection: always review and assess every milestone. Celebrate success or learning from failure will fuel the team to move forward.

 

Step 4: Monitor and learn

Continuous learning and improvement are core principle of agile. One need to continuously update with latest technology and knowledge to align with evolution of environment. Successful agile transformation has shown importance of monitoring progress, evaluate behavioural change and its impact, and perform regular review to improve from every success and failure.

Every transformation cannot be done without people working toward the transformation objection and hence working culture is critical. Enabling a successful transformation, agile requires fundamental change in company culture. Changing the way we work and interact is hence essential for every transformation in embracing dynamic change in today economic.

Insights